Mortgage calculator
Mortgage Extra Payment Calculator
See how an extra monthly payment could change your estimated payoff date and total interest.
How this calculator works
The tool estimates a standard amortizing mortgage payment from your current balance, interest rate, and remaining term. It then compares the base schedule with a schedule that includes the extra monthly payment.
Formula
The base payment uses the standard amortization formula. Each month, interest is added to the remaining balance and the monthly payment is subtracted until the balance reaches zero.
Limitations
This estimate does not include escrow, taxes, insurance, prepayment penalties, ARM rate changes, recasts, fees, or lender-specific payment timing.
Important note
This page provides educational estimates only and is not mortgage, lending, tax, legal, or financial advice.